Top 10 Countries Account for Over 84% of Wind Power Capacity
Technological developments have paved way for more effective and reliable equipment and machinery, making wind commercial energy sources in the global power market. The exponential growth of the wind energy market is fueled by declining cost of wind power generation and growing environmental concerns. Wind power technology is being supported by financial incentives from various governments across the world. However, top 10 countries account for more than 80% of global cumulative wind power capacity in 2015. China has highest wind power capacity and account for 32.39% in the global cumulative wind power capacity, followed by the US with 17.41% of the global share. Supportive government policies that include an attractive concessional program and the availability of low-cost financing from government banks are the main reasons for the success of the Chinese wind power market. The US was the largest wind power market until 2009, but was surpassed by China in 2010 after a 43% decline in its annual installations. The effect of the economic slowdown and uncertainties due to a lack of long-term policies supporting the wind sector are responsible for this decline. Germany, India, Spain, United Kingdom, Canada, and France are other countries with significant wind capacity installations by the end of 2015.
Thermal is the Dominant Source in the Power Mix
The cumulative installed capacity in China was estimated at 1,525,398 Megawatts (MW) in 2015. Thermal was expected to be the highest contributor, accounting for a share of 64.1% of the cumulative installed capacity, equivalent to 978,254 MW. Between 2006 and 2015, installed thermal capacity increased at a Compound Annual Growth Rate (CAGR) of 9.1%. It is followed by renewable and large hydro sources with considerable amount of shares in the total installed capacity. Coal is the dominant power generation source among the thermal power technologies. Thermal will continue to be the dominant source of power generation in the future. However, the share of thermal might decrease while the renewable sources are expected to witness a tremendous growth during the forecast period 2015–2030.
GlobalData, latest report on “Wind Power in China, Market Outlook to 2030, Update 2016 – Capacity, Generation, Levelized Cost of Energy (LCOE), Investment Trends, Regulations and Company Profiles” provides in depth analysis on global renewable power market and global wind power market with forecasts up to 2030. The report analyzes the power market scenario in China (includes conventional thermal, nuclear, large hydro and renewable energy sources) and provides future outlook with forecasts up to 2030. The research details renewable power market outlook in the country (includes wind, small hydro, biopower and solar PV) and provides forecasts up to 2030. The report highlights installed capacity and power generation trends from 2006 to 2030 in China wind power market. A detailed coverage of renewable energy policy framework governing the market with specific policies pertaining to wind power is provided in the report. The research also provides company snapshots of some of the major market participants.
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